Five9 price target lowered to $85 from $90 at Truist

Truist analyst Terry Tillman lowered the firm’s price target on Five9 to $85 from $90 but keeps a Buy rating on the shares. The company’s Q3 results were "solid" with upside on revenue and operating profit, but despite the strength in new logo activity, installed base activity faces macro impacts in slower seat expansion and weakness in certain verticals, the analyst tells investors in a research note. Tillman adds however that Five9’s key long-term growth drivers remain intact and he would recommend that investors buy the stock on weakness.